According to the Central Bank of Nigeria (CBN) led by Godwin Emefiele, a customer who makes cash withdrawals from the ATMs of banks other than his should be charged N65 at the fourth time within one month. The policy took effect from September 1, 2014.
But that has not been the case. Almost all Nigerian banks take N65 from a customer’s money each time he withdraws money from another bank’s ATM.
On discovering that they have been losing money, many bank customers now go to their bank’s ATM. Queues have returned at most ATM cashpoints belonging to banks whose machines work.
Banks that have been caught with their fingers in the pie include GTBank and Stanbic IBTC. Customers that have lost money told Eyeway the banks deducted N65 after each withdrawal. Nobody has exonerated any of the other banks, however.
